Climate change and the covid-19 pandemic are the key drivers propelling this shift in attitudes, the survey found
Nine in 10 UK businesses are making efforts to become more ethical in response to growing pressure to curb and eliminate social or environmental harms resulting from their operations, a new poll published yesterday by Opinium has found.
The survey of 300 senior decision makers at UK businesses found 91 per cent were already adopting ethical practices or were committed to becoming more ethical.
The research also examined the key influences driving these trends, finding that the Covid-19 pandemic and climate change were the biggest factors, with 78 per cent of businesses reporting they had been influenced by them to demonstrate more positive values to employees, customers, and other stakeholders. The Black Lives Matter movement also had a major impact with 65 per cent of respondents citing its impact on their business plans.
In terms of the business risks associated with not taking those pressures into account, market reputation was most frequently cited, at 45 per cent. Recruitment difficulties came second, at 36 per cent, and negative financial impact was cited as a main concern by a third of respondents. Overall, respondents were close to unanimous in acknowledging that a failure to embrace ethical practices would result in at least some blowback - 90 per cent predicted a negative impact on their business as a result of not prioritising ethical factors such as the environment.
Climate change and environmental sustainability were among the most important issues on many business leaders' agendas, the research also found, with 36 per cent citing them as a key area in which they aimed to demonstrate positive change. This compared to 27 per cent prioritising charitable causes, or a quarter aiming to increase customer transparency.
The research was commissioned by British law firm Anthony Collins Solicitors, as part of a new campaign named the Ethical Business Project, intended to examine shifts more value-led business practices.
"UK businesses are under more scrutiny than ever when it comes to good business practice. The human and economic disruption of Covid-19, combined with an escalating climate crisis and focus on social inequalities have put businesses of all sizes under the microscope," said David Alcock, partner at Anthony Collins Solicitors.
"Businesses have a huge opportunity to embrace this journey towards social purpose. The aim of The Ethical Business Project is to show that doing business well and meeting the needs of people, society and the planet are not mutually exclusive, but inextricably linked."